Question by : Can a mortgage be refinanced if primary home owner is unemployed?
Best answer:
Answer by acermill
Most probably not. Re-financing a loan carries the same requirements as does obtaining a loan to buy a house in the first place. You generally cannot get a loan to purchase a house unless you are gainfully employed. The same applies to refinancing an existing loan.
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Your only hope is to contact the current lender. They may be able to help you-but very likely they will not be able either.
No there must be income.
As long as the other owner earns enough money to cover the mortgage they can. If they can’t do it on the one income, then no, of course not.
Only if you have a FHA loan and do a FHA streamline refi. There is no appraisal, no checking employment, or credit check, or income verification. The only requirement is that you have a FHA loan and that you have not been late on your house payment for 24 months.
Check on line with large streamline lenders like Quicken or Ditech. They can approve you within the hours after you apply over the phone. The fee’s, which are relatively low, can be rolled into the loan.
i guess not. but ask an attorney to be sure..